Bitcoin can not replace fiat - page 5.

Taner1

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Quote from: Taner on March 27, 2018, 05:35:27 AM

Bitcoin will not replace the usual money, at least because it has not yet been legalized in most countries. I see it as an investment, not a means of payment.

Give my account back.

This Russian guy steal my account (password reuse). Don't believe anything he says.

Daboy_Lyle

full member

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Yes it is very obvious because bitcoin is only a digital currency and bitcoin is limited. Fiat currency is not convertable unlike bitcoin, bitcoin can be converted to any fiat currency.

Quote from: Ethalir on December 23, 2015, 10:59:33 AM

Of course can't fiat money replace bitcoin, because we still use fiat money at the end look how much banks they are in the world they won't just change to go to bitcoin. Bitcoin is just good when you trading or other stuff. Also we need fiat for bitcoin price.

LeyAngelDevs

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Quote from: Parazyd on December 23, 2015, 10:54:15 AM

Yes, got you intrigued, didn't it?

Bitcoin is a very good thing to have as an asset. Just like gold. Even better if I may say. It's secure, and unlike fiat money it actually exists and work is put into it to produce it. This makes it great to store value.
However, it cannot and will not replace current fiat money that the entire world it using. It just cannot.
Take paying a cup of coffee for example. To pay your coffee with bitcoins, one must get bitcoins first, either by mining or buying bitcoins with other kinds of money (*cough*fiat*cough). It ends up being a quite complicated process, don't you think?
Until we reach the point where paying for a cup of coffee is as easy with Bitcoin as it is with cash, we will never get mass adoption. And as far as I see it, there is no way of simplifying the acquiring of bitcoins.

yes i believe in that too... but i think as of now and as of what we see of now, the fiat cant be replaced .

Ambrosius

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“Revolutionising Marketing and Loyalty”

Yes, indeed bitcoin is a very good digital asset. So far, many merchants have received bitcoin as a means of payment. Indeed its main function is as an asset, although it can be used as a means of payment but will not be able to replace conventional money functions.

Bobocantik

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That's right, that's in the near future. Bitcoin can not replace fiat because we still need cash in our present life. Bitcoin helps us make money but fiat is the new thing that we can use to make money from Bitcoin. Because very few countries allow us to pay by Bitcoin, that is illegal and not popular.

kyoshiro0911

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Fiat cannot be replaced by bitcoin. Even in developed countries like US, people are not totally converted to digital transactions and fiat is used still.Most people in developing countries dont even have a bank account. They dont know how to use a credit or debit card.Indian government tried to convert people to digital transactions by demolishing high value notes and people suffer a lot there. So fiat cannot be replaced, but bitcoin may become as a secondary payment option.

bilyboy

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I think so too, because people would still settle for tangible currency. Even though bitcoin is really convenient in terms of transactions and usage, there are some means that fiat money is still convenient to have and use. In some occasion, it is better to transact with fiat money compared when using bitcoin. Let's say for example you need instant cash and there's a problem with bitcoin mining and transaction confirmation.

jademacoy

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Yes bitcoin could not replace money and there are lot of considerations to consider when replacing bitcoin to real money or fiat money. Since bitcoin works only like a gold when you invested in it you will be able to get higher price depending on the bitcoin supply and demand. And most of the establishment do not accept bitcoin because it will just complicate things in transactions. Bitcoin market price is volatile so we could not determine the exact amount of btc to give or pay because its price eventually move from time to time. Thus giving you hard to time give your btc or to receive btc. So as long as btc is decentralized there is no need to replace fiat money from bitcoin. Unless if the whole world will unite and will implement digitalization of money. So in this form fiat money could be replaced by bitcoin.

Tigerw

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Quote from: ?? on ??

It is going to be a very big tax for Bitcoin to replace fiat. Fiat is generally known throughout the world. There is only one way for this to happen, the government needs to close down all banks transactions and switch to digital currency as well. The first country that implement this will be the pioneer of this industry and the others will see how great this business model is compared to the old system.

to talk about replacing Fiat with Bitcoin, you need to first legalize the crypto currency in the whole world, and also raise the ratings and confidence of BTC on the same day as fiat. And already then start talking about such a topic.

STT

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Crypto has already replaced FIAT money for the smallest transactions, its just that it lost its way for a while there with higher fees. This is the market they should address most of all, the tiniest bits of value.

Its in the name even, it should have been called swag big chunks of cash -coin if it was going to be all about serving the richest and largest transactions. That really was it falling off the tracks at that point, ironically with a higher price but still really wrong.

FIAT has too much of a bias to politics, it serves a central body not the people who produce and provide the real economy in any country. That really is why bitcoin will be more successful if it does serve that audience. US dollar right now has over 20 trillion of obligations to pay back, if you include the debt owed on the bank account of every citizen then USA is the poorest country to have ever existed. Somehow that problem must be resolved, on the other side Bitcoin really only has to focus on providing utility and its prospects to transmit value globally remain very good

ngusmin

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Quote from: Parazyd on December 23, 2015, 10:54:15 AM

Yes, got you intrigued, didn't it?

Bitcoin is a very good thing to have as an asset. Just like gold. Even better if I may say. It's secure, and unlike fiat money it actually exists and work is put into it to produce it. This makes it great to store value.
However, it cannot and will not replace current fiat money that the entire world it using. It just cannot.
Take paying a cup of coffee for example. To pay your coffee with bitcoins, one must get bitcoins first, either by mining or buying bitcoins with other kinds of money (*cough*fiat*cough). It ends up being a quite complicated process, don't you think?
Until we reach the point where paying for a cup of coffee is as easy with Bitcoin as it is with cash, we will never get mass adoption. And as far as I see it, there is no way of simplifying the acquiring of bitcoins.

For small transactions, fiat money is better because it has been used as a transaction tool so far, but I think the future will change according to the time. In the future crypto money will be able to replace fiat money in the ease of transacting.

Mbah Djoko

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Bitcoin is only suitable for second money, fiat is first and foremost, many things and obstacles that can not be solved with bitcoin and it seems unlikely to be resolved, for example is the dependence on the internet, in transactions must be fast and if the internet is dead of course not can use bitcoin.

hASHmETAL

newbie

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Fall in value of all coins with out affecting parity of Alt Coins rather taking it lower and lower to harden conversion to bitcoin is indication of protection of value of bitcoin. So buy bitcoin for future!! and Hold!!

Iblis 02

newbie

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I can not imagine how if bitcoin replaces the fiat that will surely be many countries that are experiencing financial crisis.
Can you imagine if bitcoin drastically decreased how fiat has been able to keep state assets and just disappear, that's impossible.

jakezyrus

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Quote from: vividbery on March 27, 2018, 05:55:02 AM

No that is not possible. If the bitcoin better then it's not impossible it will be a lot of people are more interested and more and more are using bitcoin. in the future it could be later will become the primary choice of bitcoin transactions.

actually majority of the people are now thinking that bitcoin is much better than fiats but why fiats money is still existed and still be used primarily? its because fiats is still important because it is the only legal currency that represents a country. cant you see , every country do have their own currency? Its because there is still no unity and that case can also happen to bitcoin. Bitcoin cant become the main currency because people wont agree with it.

vividbery

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No that is not possible. If the bitcoin better then it's not impossible it will be a lot of people are more interested and more and more are using bitcoin. in the future it could be later will become the primary choice of bitcoin transactions.

Taner

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Bitcoin will not replace the usual money, at least because it has not yet been legalized in most countries. I see it as an investment, not a means of payment.

Angi

full member

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We already know it, bitcoin is a digital money. it is easy to use but there are disadvantage when we use digital currency in long time the disadvantage of it is we cannot pay without our card or cellphone so if we missed place our cp or our card that we use we cannot use it because it's just one unlike real money or cash we use another one if we lost.

Galahad111

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Quote from: Mecryptopheles on March 27, 2018, 05:15:52 AM

Perhaps not immediately, but in the near future it will surely be possible to replace fiat with bitcoin

i don't think so, i think we cannot deny the fact that bitcoin cannot replace fiat but maybe in today's time but a different news 50 years from now. Given the present condition of society it is but necessary to educate all citizens pertaining cryptocurrency so to prepare and pave the way for bitcoin economy to take place in our society. If we are not ready and only a few accepts bitcoin then bitcoin cannot replace fiat currency.

The Count of MonteCryptos

newbie

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Replacing the fiat is above all a problem of mentality; from a technical point of view, it is very possible and could be done right away.

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